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Beni Stabili and Banca Intesa have signed a preliminary agreement for Beni Stabili’s purchase of 49% of Milano Zero Tre from Banca Intesa at a price of €134m (value after deducting net profit for 2004 and the subsequent distribution of dividends and reserves, totalling €81.6m).

The price will be paid, through a cash payment, in two different moments: 10% at the closing, expected at the end of March 2005, and 90% as at 30 June 2006.

The Intesa Group transferred 45 non-strategic properties with a book value of approximately €291m to Milano Zero Tre at the time of its establishment, at the end of 2003, as a joint venture between Beni Stabili (51%) and Banca Intesa (49%). The company’s business plan provided for the sale of the portfolio over 5 years to realise a minimum IRR of 18%.

As at 31 December 2004, the company had already sold around 35% of its property portfolio, reporting a net profit for 2004 of approximately €28m.

The parties subsequently agreed to dissolve the JV, in view of the positive results achieved so far and the significant reduction in the time horizon of the business plan.

The sale, which forms part of the programmed disposal of non-core activities set out in Banca Intesa’s business plan for the period 2003-2005, will enable the bank to report a gain of approximately €50m in its consolidated financial statements for the current year.

This latest transaction will allow Beni Stabili to increase its trading portfolio, which is expected to provide substantial future returns.

“This agreement,” commented Massimo de Meo and Aldo Mazzocco, Beni Stabili’s joint Managing Directors, and Giulio Bellan Head of Banca Intesa’s Real Estate , “offers further confirmation of the Beni Stabili Group’s positive relations with the Intesa Group, and of the financial and strategic benefits of the partnership that has developed over the last three years”.